Southern Rim Parts estimates its manufacturing overhead to be $364,000 and its direct labor costs to be $910,000 for year 1. The first three jobs that Southern Rim worked on had actual direct labor costs of $50,000 for Job 301, $75,000 for Job 302, and $100,000 for Job 303. For the year, actual manufacturing overhead was $474,000 and total direct labor cost was $849,000. Manufacturing overhead is applied to jobs on the basis of direct labor costs using predetermined rates Overhead applied in each of the inventory accounts is as follows: Work-in-process inventory $ 33,960 Finished goods inventory Cost of goods sold 84,900 220,740 Required: Prepare an entry to prorate the under- or overapplied overhead. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet A Record the allocation of over- or underapplied overhead Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Clear entry View general journal Record entry